May 06, 2024 18:32 (IST)
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Govt announces reforms in FDI in 15 sectors including mining, defence
New Delhi, Nov 10 (IBNS): The Central government on Tuesday announced reforms and liberalisation touching upon 15 major sectors of the economy, in an attempt to ease foreign direct investment (FDI) in mining, civil aviation, defence, broadcasting, construction among others.
The measure comes two days after the NDA suffered a humiliating defeat at the hands of the Grand Alliance in Bihar Assembly election.
However, according to the government, the reforms take to "further boost this entire investment environment and to bring in foreign investments in the country."
"The Crux of these reforms is to further ease, rationalise and simplify the process of foreign investments in the country and to put more and more FDI proposals on automatic route instead of Government route where time and energy of the investors is wasted. It is one more proof of minimum government and maximum governance. Further refining of foreign investments in key Sectors like Construction where 50 million houses for poor are to be built," a government statement claimed.
"Opening up the manufacturing Sector for wholesale, retail and E-Commerce so that the Industries are motivated to Make In India and sell it to the customers here instead of importing from other countries. The proposed reforms also enhance the limit of Foreign Investment Promotion Board (FIPB) from current Rupees Three thousand crores to Five thousand crores," it stated.
Results of the Bihar Assembly elections announced on Sunday gave a stunning blow to the BJP-led NDA as it settled for a mere 58 seats in the 243-member house, while the Nitish Kumar-led grand alliance comprising the JDU, RJD and the Congress swept to power with 178 seats securing two-thirds majority.
PM Modi personally led the campaign for the BJP which went aggressive to capture power.
The Bihar defeat is seen as a hamper to PM Modi's push to pass economic reforms for which he needs to win most state elections in the next three years to gain full control of parliament.
The government is in a minority in Rajya Sabha which is selected by state assemblies.
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